Kia invests in self-driving technology start-up CODE42
South Korean automotive manufacturer Kia have announced a USD$12.5 million investment in Code42, a self-driving transportation service company.
The investment comes as part of a USD$25 million funding round that includes investments from other Korean companies including SK Group, LG and CJ.
The investment from Kia is the largest contribution made by the brand to a start-up company and represents Kia’s commitment to autonomous vehicles.
CODE42 will use the capital to build the Urban Mobility Operating System (UMOS) platform, as well as establish an autonomous transportation-as-a-service ecosystem.
“This investment enables us to leverage the strength of our partners’ infrastructure and service capabilities to establish a next-generation mobility and logistics service platform,” said Chang-Hyeon Song, CEO of CODE42.
“We will be working closely with investor companies in autonomous driving and mapping technology, dispatching, fleet management, next-generation in-vehicle infotainment and associated connectivity.”
Kia’s investment follows fellow South Korean car manufacturer, Hyundai Motor Company, who invested USD$1.7 million in CODE42 earlier this year.
Original source: OnlineMarketplace | Kia Motors invests in autonomous transportation company CODE42
12 Nov 2019